I find your claims very plausible.

Cryptocurrencies are unlike almost all other financial assets inasmuch as just keeping them costs you a lot money!

If you put money in a bank, into bonds, or stocks, you get a positive return on your money.

Commodities cost more to store, but the usual investment commodities are fairly cheap to store: though I knew someone, the notorious Vinnie Falco, who lost a knapsack with 110 ounces of gold in it...

Only cryptocurrencies require an expensive network even to exist.

So the whole cryptocurrency ecosystem costs billions every year to maintain. Where's that money coming from?

Crime - money laundering, tax evasion, that sort of thing - seems to be the only possible source.

I used to work on Wall Street, quite a long time ago. That the SEC would allow what seem very clearly to be unlicensed, unregistered, anonymous securities seems to me to be a complete breech of their mandate, but I think generations of being told that all government regulation is bad has trickled down, just like the money didn't.